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New Contributor
Posts: 66
Registered: ‎10-07-2008
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90 days late payment with Salliemase..GD not work. what next ?

Hi all

 

I have 90 days late payment from SallieMae. There are 6 account from SallieMae with late payment.  This happen before i conolidation into ONE account. I can't afford to have 6 account late payment on my credit report.What should I DO ?

 

I try goodwill letter and didnt work, is there any other option?

 

any advise are very appericate

 

 

Epic Contributor
Posts: 20,658
Registered: ‎03-19-2007
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Re: 90 days late payment with Salliemase..GD not work. what next ?

Could you provide more into...

You had a 90-day late. How did the six other accounts come into the picture, and report late?  Same default?

 

New Contributor
Posts: 66
Registered: ‎10-07-2008
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Re: 90 days late payment with Salliemase..GD not work. what next ?

There are 6 account under salliemase they all show 90 days late payment. I dont know how and why there are 6 of them.  All 6 account show xxxxxxxx**** are exactly the same accouont number and i dont know what the last 4 digits are. Should i call salliemase or dispute with credit bureau.

 

Thanks

Epic Contributor
Posts: 20,658
Registered: ‎03-19-2007
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Re: 90 days late payment with Salliemase..GD not work. what next ?

Puzzling.

How did one account turn into six?

Each late is a derog.  Big time hit on your credit score.

Call them and find out how one account turned into six.

Who is the OC on each? 
What is the DOFD on each?

 

Senior Contributor
Posts: 3,494
Registered: ‎05-25-2008
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Re: 90 days late payment with Salliemase..GD not work. what next ?


RobertEG wrote:

Puzzling.

How did one account turn into six?

Each late is a derog.  Big time hit on your credit score.

Call them and find out how one account turned into six.

Who is the OC on each? 
What is the DOFD on each?

 




That's an easy one: The OP had, originally, 6 loans that were eventually consolidated to one loan. It's *extremely* common, from what I understand, to get a loan for each year of college -- many get several loans for a single year, depending on the college and studies.

What *often* happens with SLs is that if you have (we'll use the OP's number of derog loans for the example) 6 loans with $100 due on each loan, and you only pay $500, EACH loan is shorted since they attribute equal payments to each loan. At least, that's how DH's were (before we consolidated).

As for the account numbers, DH had 8 loans and each one had consecutive account numbers (his SSN + "1", his SSN + "2," etc). For SLs to have that kind of numbering structure isn't uncommon.

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New Contributor
Posts: 66
Registered: ‎10-07-2008
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Re: 90 days late payment with Salliemase..GD not work. what next ?

is there anything I can do? 6 accounts with 90 days late payment is drag my score down a lots. I try goodwill and is not work.

 

Thanks

Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
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Re: 90 days late payment with Salliemase..GD not work. what next ?

When they were still 6 sep accts, were the lates for the same months?

 

If so, they can't NOW post (for instance) 6 30 day lates for Jan 07...

 

HOW are they posted?  In other words....what were the lates...and now...what are the lates?



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
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Goal Score: 850

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New Contributor
Posts: 66
Registered: ‎10-07-2008
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Re: 90 days late payment with Salliemase..GD not work. what next ?

All 6 accounts report 90 days late on April 2006... 4/2006

 

I didnt know i have 6 accounts until i get my credit report. I dont remember how the late were entered....I really need help on this even though remove couple 90 days late payment its help a lots in my credit report.

 

Thanks advance

Senior Contributor
Posts: 4,267
Registered: ‎05-01-2008
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Re: 90 days late payment with Salliemase..GD not work. what next ?


HomerSimpson wrote:

All 6 accounts report 90 days late on April 2006... 4/2006

 

I didnt know i have 6 accounts until i get my credit report. I dont remember how the late were entered....I really need help on this even though remove couple 90 days late payment its help a lots in my credit report.

 

Thanks advance


So...you have a report from 06 when they were separate......and you have a recent one?

 

What do each say???  Please clarify.



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 02/2015 TU 709 - EQ 676 - EX 729
Goal Score: 850

Bury me in the garden...last app 12.19.14

Established Contributor
Posts: 945
Registered: ‎06-13-2008
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Re: 90 days late payment with Salliemase..GD not work. what next ?

Sounds like the payments were consolidated, but the loans were not consolidated until later.

 

So the OP was only making one payment, but SM broke up that one payment and applied it to each loan separately, according to its formula.  This is very typical for student loans, and this would probably be better assigned to the SL section on these boards.

 

I had the same thing happen in 2005.  And yes, each loan can absolutely show the late payment.  Another thing they can do is, if you pay less than the full amount, they won't make the full payment on any of the six, and will still count all 6 late.

 

If you head over to the SL section, and do a search on SM, you'll find that SallieMae is extremely GW adverse.  They don't really care.  They will report it exactly correctly.  And very often, where folks' reports were not showing all of the lates, 30's, 60's, 90's, but only the 90's, after they receive the GW letter, they will "correct" the account to show every single 30, 60, 90 late.  Which makes it 20 times worse.

 

So you're lucky they didn't do that.  Or maybe all your lates were already showing.  Basically, you don't have any other options.  You can continue to try to GW, but like I said, it is very VERY rare for them to grant that, and I only know of one case where they did, and it wasn't on these forums.  They just have to age off.

 

The only good news is that installment loans do not count for very much of your score.

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